Despite Lower GST Collection, Higher Revenue Expected in 2017-18 by Delhi Govt: Survey

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Despite lower collection of the Goods and Services Tax (GST), the Delhi government expects a higher overall revenue collection in the current financial year, says the Economic Survey of Delhi 2017-18 released today. The survey reported that the city’s revenue surplus reduced to 0.80 per cent in 2017-18 (budget estimate) compared to 1.58 percent of the Gross State Domestic Product (GSDP) in 2016-17. The revenue surplus in 2016-17 was Rs 5,044 crore against Rs 8,656 crore in 2015-16. It stated that all components in the tax revenue showed a higher growth during 2017-18 (budget estimate) except for the other taxes on goods and services which showed a growth of 9.66 per cent as compared to 12.70 per cent in 2016-17. The Delhi government’s revenue receipts consist of tax revenue, non-tax revenue and grants-in-aid from the Centre. The tax revenue covers the receipts under State GST/Value Added Tax (VAT), stamps and registration fees, state excise and motor vehicle tax. These taxes together account for 91 percent of the state government’s total revenue receipts.

GST was rolled out in Delhi from July 1, 2017 which subsumed the erstwhile VAT (excluding items like petroleum, liquor etc) and other taxes viz entertainment tax, luxury tax and cable TV tax.  Around 75.23 per cent existing VAT dealers have already migrated to GST up to December 29, 2017, according to the survey.

Read more at: https://www.news18.com/news/business/despite-lower-gst-collection-higher-revenue-expected-in-2017-18-by-delhi-govt-survey-1694275.html

 

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